CAPITALAND COMMERCIAL TRUST Second Quarter 2019 Financial Results – Additional Information 17 July 2019 Office Market

CapitaGreen, Singapore Annual new supply to average 0.8 mil sq ft over 5 years; CBD Core occupancy at 95.8% as at end June 2019

Singapore Private Office Space (Central Area) (1) – Net Demand & Supply

3.0 Forecast average annual 2.7 Post-Asian financial crisis, SARs & GFC - gross new supply 2.5 weak demand & undersupply 2.2 (2019 to 2023): 0.8 mil sq ft 1.9 1.9 2.0 1.7 1.8 CapitaSpring 1.8 1.61.6 1.7 1.5 1.4 1.5 1.3 1.4 1.3 1.4 1.0 1.1 0.9 1.0 0.8 0.7 0.7 0.6 0.6 0.5 0.4 0.4 0.5 0.5 0.4 0.3 0.2 0.3 0.1 0.2 0.2 0.16 -0.8 -0.6 0.0

sq ft million ftsq 0.0 -0.03 -0.1 -0.1 -0.10 -0.5 2000 2001 2002 2003 2004 2005 2006 -0.72007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019F 2020F 2021F 2022F 2023F -1.0 2019

-1.5 -1.4 -2.0 Net Supply Net Demand Forecast Supply Periods Average annual net supply(2) Average annual net demand 2009 – 2018 (through 10-year property market cycles) 1.1 mil sq ft 0.8 mil sq ft 2014 – 2018 (five-year period post GFC) 1.0 mil sq ft 0.6 mil sq ft 2019 – 2023 (forecast gross new supply) 0.8 mil sq ft N.A. Notes: (1) Central Area comprises ‘The ’, ‘Orchard’ and ‘Rest of Central Area’ (2) Supply is calculated as net change of stock over the quarter and may include office stock removed from market due to conversions or demolitions. (3) Source: Historical data from URA statistics as at 1Q 2019; Forecast supply from CBRE Research as at 1Q 2019. 3 CapitaLand Commercial Trust Presentation July 2019 Known future office supply in Central Area (2019 – 2022)

Expected Proposed Office Projects Location NLA (sq ft) completion 2019 HD 139 (139 Cecil Street) Shenton Way 84,000 2019 9 Penang Road (Park Mall Redevelopment)(1) Orchard Road 381,000 Subtotal (2019): 465,000 1Q 2020 Oxley@Raffles ( asset enhancement initiative) 313,000 1H 2020 79 Robinson Road(2) Robinson Road 514,000 2Q 2020 Hub Synergy Point Redevelopment Anson Road 128,000 2020 Afro-Asia I-Mark Shenton Way 154,000 Subtotal (2020): 1,109,000 1H 2021 CapitaSpring(3) Raffles Place 635,000 Subtotal (2021): 635,000 2022 Land parcel at Central Boulevard (Central Boulevard Towers) Raffles Place/Marina 1,260,000 2022 Guoco Midtown City Hall 565,600 Subtotal (2022): 1,825,600 TOTAL FORECAST SUPPLY (2019-2022) 4,034,600 Total forecast supply excluding strata offices 4,034,600

Notes: (1) According to The Straits Times dated 17 Apr 2019, the Park Mall Redevelopment is fully committed with UBS taking up 381,000 sq ft of NLA (2) According to BT Report dated 13 July 2018, about 50,000 sq ft has been committed. (3) CapitaSpring reported committed take-up by JPMorgan for 24% of the development’s office NLA (4) Sources: CBRE Research and respective media reports 4 CapitaLand Commercial Trust Presentation July 2019 Frankfurt Office Market

Gallileo, Frankfurt, Germany Take up and vacancy rate

Frankfurt property fundamentals sound; banking district vacancy rates declined from 6.3% in 2017 to 3.9% in 2018 Frankfurt Office and Banking District Take-up and Vacancy Rates

• Take-up in Frankfurt and Banking District registered significant increase in year 2017; the highest level since year 2000 • Vacancy rates have steadily declined to record lows of the past decade; overall vacancy rate for Frankfurt was 7.5% in 1Q 2019.

Take-up (1,000 sqm) Vacancy Rate (%) 800 20.0%

700 18.0% 16.0% 600 14.0% 500 12.0% 9.5% 400 10.0% 7.8% 7.5% 300 6.3% 8.0% 6.0% 200 3.9% 4.0% 100 2.0% 0 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019

Banking District Take-up Non-Banking District Take-up Banking District Vacancy Rate Frankfurt Office Vacancy Rate Note: (1) Office take-up in Frankfurt for Q1 2019 was 85,300 sqm. Data for breakdown of banking and non-banking district was not available. Source: Commissioned report by CCT from CBRE Research, Frankfurt Q4 2018

CapitaLand Commercial Trust Presentation July 2019 6 New supply

Relatively low levels of new office supply in Frankfurt

New Supply in Banking District (2019F New Supply in Frankfurt (2019F to 2020F) to 2020F) • Past year’s completion volume far below 10-year average • About 59% of Banking District’s • Future supply pipeline until 2019F at relatively low levels with good pre-letting; new supply has been committed further decrease of available space expected

1,000 sqm 1,000 sqm 350 350 Actual New Supply Forecast New Supply 300 300

250 250 8-Year Average: 200 176,000 sqm 200 150 150

100 100

50 50

0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2019F 2020F Non-Committed New Supply Banking District New Supply Non-Banking District New Supply Committed New Supply

Source: Commissioned report by CCT from CBRE Research, Frankfurt Q4 2018

7 CapitaLand Commercial Trust Presentation July 2019 Frankfurt office market rents

Frankfurt’s office market is characterised by stable and resilient rents

• Frankfurt has the highest rent in comparison to major cities in Germany across the past 10 years • Prime office rent in Frankfurt has been resilient through property cycles • Positive supply-demand dynamics will support prime office rents in Frankfurt

€/sqm/month 48.00 Frankfurt

44.00 42.00 41.00 40.00 40.00

36.00

32.00

28.00

24.00

20.00

16.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2019

Frankfurt Berlin Düsseldorf Hamburg Munich

Source: CBRE Research, Frankfurt Q1 2019 8 CapitaLand Commercial Trust Presentation July 2019 Additional Information

Raffles City Singapore 1H 2019 Gross Revenue higher by 3.2% YoY

Higher gross revenue mainly from Tower 2, Gallileo and 21 Collyer Quay

S$ million 1H 2018 1H 2019

54.9 51.5

45.9 45.8

35.9 36.5 34.7 33.5

Divested on 29 Aug 2018

13.3 11.4 10.2 9.4 6.0 5.3 0.8 -

(1) Asia Square CapitaGreen Capital Tower 21 Collyer Quay Gallileo Bugis Village (2) Twenty Anson Tower 2 Notes: (1) CCT owns 94.9% of Gallileo which contributed revenue and income from 19 June 2018. The reported figure is on 100.0% basis. (2) Bugis Village returned to the State on 1 April 2019 10 CapitaLand Commercial Trust Presentation July 2019 1H 2019 Net Property Income higher by 2.1% YoY Net property income lifted by Asia Square Tower 2, Gallileo and 21 Collyer Quay

S$ million 1H 2018 1H 2019

42.0 39.3 37.4 36.7

27.7 28.0 27.7 26.2

Divested on 29 Aug 2018

11.3 11.1 10.2 7.1 4.7 2.9 0.8 -

(1) (2) Asia Square CapitaGreen Capital Tower Six Battery Road 21 Collyer Quay Gallileo Bugis Village Twenty Anson Tower 2 Notes: (1) CCT owns 94.9% of Gallileo which contributed revenue and income from 19 June 2018. The reported figure is on 100.0% basis. (2) Bugis Village returned to the State on 1 April 2019. 11 CapitaLand Commercial Trust Presentation July 2019 1H 2019 performance of joint ventures (100.0% basis)

Notes: (1) CCT owns 60.0% interest in . (2) CCT owns 50.0% interest in OGS LLP 12 CapitaLand Commercial Trust Presentation July 2019 CCT is largest commercial REIT in Singapore by market cap, listed since May 2004

S$8.2b(1) 9 properties (2) 625 S$11.3b(3) About 4.6 million sq ft(4) Market 8 properties in Singapore Tenants Deposited NLA (100% basis) Capitalisation and one in Germany Property

One George Street Capital Tower CapitaGreen (50.0% interest)

Gallileo 21 Collyer Quay Raffles City Singapore CapitaSpring Asia Square Tower 2 Six Battery Road (94.9% interest) (HSBC Building) (60.0% interest) (45.0% interest) Notes: (1) Market Capitalisation based on closing price of S$2.18 per unit as at 16 July 2019 (2) As at 30 June 2019 (3) As at 30 June 2019 (4) Excludes CapitaSpring, currently under development and targeted for completion in 1H 2021 13 Owns 8 centrally-located quality commercial properties in Singapore New integrated development, CapitaSpring in Raffles Place under construction

21 Collyer Quay 7 (HSBC Building) Capital Tower CapitaGreen One George 1 3 5 Street (1)

Asia Square Six Battery 6 Raffles City (3) 2 Tower 2 4 Road Singapore (2) 8 CapitaSpring

Notes: (1) CCT has 50.0% interest in . (2) CCT has 60.0% interest in Raffles City Singapore. (3) CCT has 45.0% interest in CapitaSpring. 14 CapitaLand Commercial Trust Presentation July 2019 Gallileo located in Frankfurt’s prime banking district

Gallileo (94.9% interest) By Foot (3-10 minutes) – Willy-Brandt-Platz underground – Main railway station – Taunusanlage suburban railway stop

By Car (3-20 minutes) – Main railway station – Airport 15 CapitaLand Commercial Trust Presentation July 2019 77% of gross rental income contributed by office and 23% by retail and hotel & convention centre

CCT’s gross rental income contribution by sector

Hotels & Convention Centre, 10% Office, 77% Master lease to Mainly hotel operator with Gross Rental approximately 75% from 60.0% Income of rent on fixed 1H 2019 interest in basis Raffles City

Retail, 13%

Based on gross rental income from 1 January 2019 to 30 June 2019; including contribution from CCT’s 60.0% interest in Raffles City Singapore, 50.0% interest in One George Street; and 94.9% interest in Gallileo, Frankfurt; and excluding retail turnover rent

CapitaLand Commercial Trust Presentation July 2019 16 Portfolio diversification with income contribution from 9 properties

Raffles City Singapore and six Grade A offices contributed 93% of Portfolio NPI

One George Street Bugis Village, 1% (50%), 4% Galilleo, Frankfurt (94.9%), 5% Raffles City Singapore (60%), 24% HSBC Building, 6%

Six Battery Road, 11% Net Property Income June 2019

Capital Tower, 13% Asia Square Tower 2, 19%

CapitaGreen, 17%

Based on net property income (“NPI”) for June 2019; including NPI from CCT’s 60.0% interest in Raffles City Singapore, 50.0% interest in One George Street and 94.9% interest in Gallileo, Frankfurt; and excluding retail turnover rent 17 CapitaLand Commercial Trust Presentation July 2019 CCT’s Singapore portfolio occupancy of 98.4% is above market occupancy of 95.8%

CCT Committed Occupancy(1) Market Occupancy Level(2) Singapore 2Q 2019 1Q 2019 2Q 2019 1Q 2019 Grade A office 98.2% 98.9% 96.1% 95.2% Portfolio 98.4% 99.1% 95.8% 95.4%

CCT's Committed Occupancy Since Inception 99.4% 98.0% 98.4% 97.7% 97.2% 97.6% 97.6% 95.6% 96.2% 95.8%

93.1% 95.8% 96.2% 95.8% 91.6% 95.1% 95.1% 93.7% 94.1% 94.1%

91.2% 90.9% 90.4% 90.2% 89.1% 87.7% 87.5% 87.6% 87.8%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(3) (2) CCT URA CBRE's Core CBD Occupancy Rate Notes: (1) Exclude Bugis Village and Gallileo, Frankfurt (2) Source: CBRE 2Q 2019 (3) Source: URA. URA has not released Occupancy Index Figure for 2Q 2019 CapitaLand Commercial Trust Presentation July 2019 1818 Portfolio committed occupancy rate consistently above 90% 1Q 2Q 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Capital Tower 100.0 100.0 99.9 99.9 99.9 100.0 100.0 100.0 100.0 94.1 99.0 99.4 99.7 99.7 99.7

Six Battery Road 100.0 99.9 98.6 99.2 99.7 85.4 93.0 98.6 99.2 98.9 98.6 99.9 100.0 97.6 97.2 21 Collyer Quay 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 (HSBC Building)

Raffles City (60% interest) 99.5 99.3 99.9 99.3 99.1 98.9 100.0 100.0 100.0 99.2 97.8 98.3 99.6 99.6 99.5(2) One George Street 100.0 96.3 100.0 93.3 92.5 95.5 100.0 98.2 96.5 98.0 97.8 98.7 97.6 (50% interest) CapitaGreen 69.3 91.3 95.9 100.0 99.7 99.7 100.0

Asia Square Tower 2 (3) 90.5 98.1 98.1 95.8 Gallileo, Frankfurt 100.0 100.0 100.0 (94.9% interest)(4) Portfolio Occupancy(1) 99.6 99.6 96.2 94.8 99.3 95.8 97.2 98.7 96.8 97.1 97.1 97.3 99.4 99.1 98.6(1)

Notes: (1) For years 2006 to 2009, portfolio occupancy rate includes Starhub Centre and Robinson Point which were divested in 2010 For years 2006 to 2017, portfolio occupancy rate includes Golden Shoe Car Park which was divested in 2017 For years 2008 to 2017, portfolio occupancy rate includes Wilkie Edge which was divested in 2017 For years 2012 to 2018, portfolio occupancy rate includes Twenty Anson which was divested in 2018 From 2Q2019, portfolio occupancy rate excludes Bugis Village which was returned to the State in April 2019 (2) Office occupancy is at 99.3% while retail occupancy is at 99.6% (3) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 (4) Contribution from Gallileo, Frankfurt effective from 19 June 2018 CapitaLand Commercial Trust Presentation July 2019 19 CapitaSpring – new integrated development at Market Street Description 51-storey integrated development comprising Grade A office, serviced residence with 299 rooms, ancillary retail and a food centre Use Commercial Height 280m (on par with tallest buildings in Raffles Place) Title Leasehold expiring 31 Jan 2081 (remaining 62 years) Site Area 65,700 sq ft Total GFA 1,005,000 sq ft Office NLA 635,000 sq ft Ancillary retail NLA 12,000 sq ft Serviced residence 299 rooms to be managed by Ascott Food Centre GFA 44,000 sq ft Car Park About 350 lots Target yield on cost 5.0% Estimated Project Development S$1.82 billion Artist’s impression of CapitaSpring; target Expenditure completion in 1H 2021 20 CapitaLand Commercial Trust Presentation July 2019 CapitaSpring drew down S$35.0 million in 2Q 2019 – CCT’s 45.0% share amounts to S$15.8 million

CCT’s 45% interest in Drawdown (2) CCT’s 45% interest Glory Office Trust and Balance as at Jun 2019 Glory SR Trust

Debt at Glory Office Trust (1) S$531.0m (S$317.2m) S$213.8m and Glory SR Trust

Equity inclusive of S$288.0m (S$245.3m) S$42.7m unitholder’s loan

CapitaSpring – Development Total S$819.0m (S$562.5m) S$256.5m remains on track for completion in 1H 2021

Notes: (1) Glory Office Trust and Glory SR Trust have obtained borrowings amounting to S$1,180.0m (100% interest) (2) Balance capital requirement until 2021

21 CapitaLand Commercial Trust Presentation July 2019 CCT delivered higher distribution YoY through property market cycles Due to continual portfolio reconstitution including recycling of capital, AEIs, acquisitions, divestments and developments

Distributable Income (S$ million) Distribution Per Unit (cents)

Global financial crisis and Global financial crisis and Euro-zone debt crisis Euro-zone debt crisis

321.7 11.00 288.9 269.0 254.5 9.08 249.2 8.70 8.62 8.66(5)8.70(6) 234.2 8.14 8.46 221.0 228.5 7.83 (4) 8.04 212.8 7.33 (3) 7.52 198.5 6.81 7.06 (2) 153.0 5.37 120.4

78.9 59.9 45.1

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Notes: (1) CAGR: Compounded annual growth rate (2) Annualised (3) After taking into consideration the issue of rights units in July 2009 (4) Decline in 2011 DPU compared to 2010 was due to divestment of two properties in 2010, Robinson Point and StarHub Centre (5) Issued 513,540,228 new units following the 166-for-1,000 rights issue at S$1.363 per rights unit in October 2017 22 (6) Issued 130 million new units following a private placement at S$1.676 per unit in May 2018 Property details (1)

Asia Square Six Battery Raffles City Singapore Capital Tower CapitaGreen Tower 2 Road (100.0%) 250/252 North Bridge 168 Robinson Address 12 Marina View 138 Market Street 6 Battery Road Road; 2 Stamford Road; Road 80 Bras Basah Road 808,800 NLA (sq ft) 734,000 778,000 701,000 494,000 (Office: 381,300, Retail: 427,500) Leasehold 2-Mar-2107 31-Dec-2094 31-Mar-2073 19-Apr-2825 15-Jul-2078 expiring (land lot only(1)) Committed 99.7% 95.8% 100.0% 97.2% 99.5% occupancy Valuation S$3,340.0m (100.0%) S$1,390.0m S$2,182.0m S$1,643.0m S$1,435.0m (30 June 2019) S$2,004.0m (60.0%) Car park lots 415 263 184 190 1,045 Note: 23 (1) Excludes airspace and subterranean lots. Property details (2)

Gallileo (100.0%) One George Street 21 Collyer Quay CapitaSpring Contribution from (100.0%) (HSBC Building) (100.0%) (1) 19 Jun 2018 Gallusanlage 7/ 86 & 88 Neckarstrasse 5, 60329 Address 1 George Street 21 Collyer Quay Market Street Frankfurt am Main, Germany

NLA (sq ft) 446,000 200,500 647,000 436,000

Leasehold expiring 21-Jan-2102 18-Dec-2849 31-Jan-2081 Freehold

Committed occupancy 97.6% 100.0% About 24% 100.0%

Valuation S$1,141.0m (100.0%) S$1,062m (100.0%) S$553.8m(2) (100.0%) S$462.2m (30 June 2019) S$570.5m (50.0%) S$477.9m (45.0%) S$525.5m(2) (94.9%)

Car park lots 178 55 350 43 Notes: (1) CapitaLand, CCT and MEC have formed a joint venture to develop CapitaSpring. (2) Valuations as at 31 December 2018 and 30 June 2019 for 100% interest in Gallileo, Frankfurt was EUR361.2 and EUR361.3 million respectively. The variance in S$ was due to conversion rates 24 used for the 31 December 2018 and 30 June 2019 valuation which were EUR1=S$1.561 and EUR1=S$1.533 respectively. Thank you For enquiries, please contact: Ms Ho Mei Peng , Head, Investor Relations, Direct: (65) 6713 3668 Email: ho.meipeng@.com CapitaLand Commercial Trust Management Limited (http://www.cct.com.sg) 168 Robinson Road, #28-00 Capital Tower, Singapore 068912 Tel: (65) 6713 2888; Fax: (65) 6713 2999